Farming family trusts

A farming family trust is a powerful tool for protecting farm assets and ensuring the smooth transfer of ownership across generations.

By placing assets into a trust, family members can safeguard the farm from inheritance taxes, protect it from potential claims, and ensure that it remains within the family for years to come. Establishing a trust can also help avoid disputes and provide clarity regarding ownership and management.

A well-structured family trust can provide security for multiple generations, offering clear guidelines on asset control while minimising tax burdens. Whether you are looking to establish a new trust, review an existing one, or navigate complex inheritance laws, expert legal advice ensures that your trust is set up correctly and aligned with your long-term goals. With the right legal framework, farming families can protect their land and business while maintaining continuity for future generations.

Why are farming family trusts important?

Farming family trusts allow landowners to transfer the farm’s assets to future generations in a structured and tax-efficient way. When properly set up, trusts can provide significant benefits, including the protection of farm assets from creditors and ensuring that farm income is managed according to the wishes of the family. Trusts are often used as part of a broader estate plan, working alongside succession planning to ensure that the farm continues to operate smoothly after the landowner’s passing.

What are the key benefits of farming family trusts?

Protection from inheritance tax: A properly structured trust can reduce the inheritance tax liability on your farm, preserving its value for future generations.

Preserving farm continuity: Trusts ensure the farm stays within the family, offering a long-term plan for succession and continuity of operations.

Family asset protection: Trusts provide a legal structure that shields assets from creditors, lawsuits, or divorce settlements.

Minimising disputes: By clearly outlining ownership and responsibilities, farming family trusts can help minimise potential conflicts among heirs and family members.

How we can help with farming family trusts

We assist in establishing farming family trusts that fit your needs and objectives, ensuring that your farm remains protected and effectively passed down to future generations. Our team provides clear guidance on how to structure the trust, what assets to include, and how to maximise tax advantages.

Customised family trust setup: We work with you to create a family trust that is aligned with your farm’s specific requirements, considering your vision for the future and family dynamics.

Tax-efficient structuring: We help you establish a tax-efficient trust, ensuring that agricultural reliefs and other exemptions are utilised to minimise tax liabilities.

Ongoing trust management: Once the trust is established, we assist with the ongoing management, ensuring it remains compliant and effective in protecting your assets.

Dispute resolution: If any issues arise regarding the trust, we can step in to mediate and resolve conflicts, preserving the family’s interests.